Production

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World’s biggest oil storage firm says almost all space sold

OilNOW -
(Bloomberg) The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that’s been caused by Covid-19. “The available capacity on...
Opinions

OPINION: Bottom has fallen out for WTI oil prices: close watch on Brent futures for Guyana

Bobby Gossai, Jr. -
West Texas Intermediate crude turned negative today, reaching the lowest on record with its seventh consecutive decline and the biggest fall on record. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday...
News

Global shut-ins surge as Canada, Venezuela among those leading 2 million bpd drop off

OilNOW -
After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. Globally, at least 1.9 million barrels per day (bpd) of oil production have been booted offline in...
News

US oil prices drop to 21-year low as demand dries up

OilNOW -
(BBC) The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3%...
News

Guyana among handful of countries where oil production is expected to grow in 2020 – OPEC

OilNOW -
Guyana is listed among just a handful of countries in the world where oil production is expected to grow this year despite the decline in prices and challenging market conditions being fueled by the COVID-19 pandemic. Non-OPEC liquids production growth...
Exploration

Brazil’s Petrobras shutting down 62 offshore platforms

OilNOW -
(Reuters) - Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins. Petrobras, as the company is known, had previously announced the...
News

Oil industry could be wiped out “on the other side of the pandemic” – US Energy Secretary warned

OilNOW -
The United States Energy Secretary Dan Brouillette has noted that if oil producing countries did not agree to cuts in an attempt to rebalance a low price market and to counter the heavy impact of COVID-19, there may not...
Exploration

Oil prospects keeping Guyana’s outlook favourable

OilNOW -
The vast oil fields which have been discovered off the coast of Guyana by ExxonMobil continue to boost the economic outlook of the country even in light of an imminent global recession and growing domestic challenges triggered by political...
News

OPEC+ production deal: back from the brink

OilNOW -
After a 4-day marathon of global meetings and arduous and sometimes frustrating negotiations involving the U.S., Mexican, and Russian Presidents as well as the Crown Prince of Saudi Arabia, the OPEC+ group agreed to collectively cut production in May...
News

Record oil production cut hangs in balance as G20 meeting concludes with no specifics

OilNOW -
(CNBC) A record oil production cut hangs in the balance after energy ministers from the Group of 20 major economies on Friday agreed that stabilization in the market is needed but stopped short of discussing specific production numbers. “To underpin global...
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Shearwater mobilizes Amazon Warrior for 3D survey offshore Suriname

Norwegian marine geosciences company Shearwater is deploying its Amazon Warrior vessel for a 150-day, 6,042 sq km 3D seismic...

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